Road to AAA Status

Bond Ratings Information

May 2017

The nation's top bond rating agencies have again affirmed Loudoun County's AAA rating on its general obligation bonds, noting the county's solid revenue growth, diverse tax base, job growth and prudent financial management. Loudoun County has held the Aaa rating from Moody's since 2004, and AAA from Fitch Ratings and S&P Global since 2005.

May 2017 Ratings Reports Highlights

  • Fitch said the rating reflects Loudoun's "exceptionally strong operating performance, supported by solid revenue growth and expenditure flexibility."
  • Moody's cited Loudoun's "sizeable and diverse tax base with strong long-term growth potential" and "consistently solid financial performance and a manageable debt burden."
  • S&P Global highlighted Loudoun's maintenance of "robust trend and forecasting data," and strong financial practices.

A triple-a bond rating is important to the county government and taxpayers because it helps the county continue to get the best possible interest rates to finance capital projects, saving millions of dollars.

Past Upgrades & Reaffirmations

  • November 2016 to Three major bond rating agencies reaffirm triple-A status
  • May 2016 to Three major bond rating agencies reaffirm triple-A status. Also, Fitch Ratings upgraded Loudoun County's rating from AA to AA+ on the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan which goes toward financing the extension of Metro Rail's Silver Line into Loudoun County.
  • October 2015 to Three major bond rating agencies reaffirm triple-A status
  • June 2015 to Three major bond rating agencies reaffirm triple-A status
  • November 2014 to Three major bond rating agencies reaffirm triple-A status
  • May 2014 to Three major bond rating agencies reaffirm triple-A status
  • November 2013 to Three major bond rating agencies reaffirm triple-A status
  • May 2013 to Three major bond rating agencies reaffirm triple-A status
  • October 2012 to Three major bond rating agencies reaffirm triple-A status
  • July 2012 to Three major bond rating agencies reaffirm triple-A status
  • June 2011 to Three major bond rating agencies reaffirm triple-A status
  • April 2010 to Three major bond rating agencies reaffirm triple-A status
  • May 2009 to Three major bond rating agencies reaffirm triple-A status
  • March 2009 to Three major bond rating agencies reaffirm triple-A status
  • May 2007 to Three major bond rating agencies reaffirm triple-A status
  • June 2006 to Three major bond rating agencies reaffirm triple-A status
  • December 2005 to Standard and Poor's upgrades Loudoun's bond rating from AA to AAA
  • June 2005 to Fitch Ratings upgrades Loudoun's bond rating from AA to AAA
  • May 2004 to Moody's upgrades Loudoun's bond rating from Aa1 to Aaa
  • April 2001 to Standard and Poor's upgrades Loudoun's bond rating from AA to AA
  • May 2000 to Fitch Ratings upgrades Loudoun's bond rating from AA to AA
  • July 1999 to Moody's upgrades Loudoun's bond rating from Aa2 to Aa1
  • August 1998 to Moody's upgrades Loudoun's bond rating from Aa to Aa2
  • July 1998 to Standard and Poor's upgrades Loudoun's bond rating from AA - to AA
  • July 1989 to Standard and Poor's upgrades Loudoun's bond rating from A to AA-
  • July 1987 to Moody's upgrades Loudoun's bond rating from A1 to Aa

History

In 2005, Loudoun County achieved a full AAA status with the three major bond rating agencies when Standard and Poor's upgraded Loudoun's bond rating to AAA, the agency's highest rating. Standard and Poor's joined Fitch Ratings, which upgraded Loudoun to Triple-A in June 2005, and Moody's, which awarded Loudoun its first Triple-A bond rating in 2004.

The upgrades reflected the long-term strengthening of Loudoun County's finances as evaluated by three major bond rating agencies - Moody's, Standard and Poor's and Fitch Ratings.